Trade Western Union
Western Union is a U.S. financial services and communications company worldwide, based in Denver, Colorado. Until the company ceased service in 2006, Western Union was the leading American cable carrier. Western Union has several divisions, with products such as person-to-person money transfers, money orders, business payments, and business services. The company introduced the standard "Cablegrams", as well as Candygrams, Dollygrams, and Melodygrams.Western Union, as an industrial monopoly, dominated the American telegraph industry in both the 19th and 20th centuries. in 1851, New York and Mississippi Valley Telegraph Printing Company in Rochester, New York, were organized by Samuel L. Selden, Hiram Sibley, and others, with the aim of creating one large telegraph system with unified and efficient operations. At the same time, Ezra Cornell had bought one of his bankrupt companies and renamed it to The New York Company and Western Union Telegraph. Originally, by 1856, fierce competitors were both groups convinced that integration was the only alternative to progress. The merged company was named Western Union Telegraph at Cornell's insistence, and Western Union was born. Western Union quickly bought smaller companies, and by 1860 its lines had reached the East Coast to the Mississippi River, from the Great Lakes to the Ohio River. In 1861 the first intercontinental telegraph was opened. In 1865 the Russian-American Telegraph was formed in an attempt to link America to Europe, via Alaska, to Siberia, to Moscow (this project was abandoned in 1867). The company has achieved tremendous growth in the last few years Coming up. Under the leadership of Presidents Gettha Wade and William Orton, its capital rose from $385,700 in 1858 to $41 million in 1876. It was a heavy top with stock issues, and faced growing competition from many companies, notably The Atlantic And Pacific Telegraph Company - which took over as financier Jay Gould in 1875. In 1881 Gould took control of Western Union.Western Union introduced the first stock index in 1866, the Standard Time Service in 1870. The following year, 1871, the company introduced a money transfer service, based on an extensive telegraph network. In 1879, Western Union left the phone business, settling a patent suit with Bell Telephone Company. With the phone replaced for lightning, money transfer became its primary business.